Startup Academy of Armenia launched

In the initial stage, 15 start-ups will be selected to participate in the program for a 12-week accelerating phase

The Catalyst Foundation has announced today the launch of Startup Academy of Armenia. The project is part of a major program called Assistance to SME Development in Armenia co-financed by the EU and the Federal Ministry for Economic Cooperation and Development of Germany (BMZ). The cost of the program is 6.4 million euros.

The program is designed to help boost the development of start-up culture in Armenia and the formation of high standards in the field of entrepreneurial education. The goal is to help high technology companies improve their skills so that they can correctly orient themselves and offer competitive products.

Speaking at a news conference convened to announce the launch of the Academy, Deputy Minister of Economic Development and Investments Emil Tarasyan noted that this acceleration program differs from the others in that it includes not only information technology start-ups but also high technologies.

"This is a pilot program. If we are successful, we will make it permanent. The best international methodology in the area of accelerated programs was used to develop it. In the initial stage, 15 start-ups will be selected to participate in the program for a 12-week accelerating phase," the deputy minister added.

According to him, this will help raise the demand for these start-ups in the market. Also, the program will help in obtaining skills to attract investment.

Hoa-Binh Adjemian, the head of Cooperation Section at the EU Delegation to Armenia, said the EU is implementing two important programs in Armenia – ‘EU for Business" and "EU for Innovation. He stressed that the EU is closely cooperating with the Armenian government to improve the business environment in Armenia.

He said the EU is implementing another program designed to make financial resources more available to SME of Armenia. ‘The EU is also assisting 15 secondary schools and 20 universities in the framework of the Tempus program. This year we are launching a new program worth 23 million euros called " EU for Innovation,’ he said.

The head of the Armenian office of the German Society for International Cooperation (GIZ), Anne Kempa, added that Armenia has great potential in innovation and IT. "Within the framework of the Startup Academy, 15 Armenian technological enterprises will be able to enter the start-up market of the EU," Kempa said.

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